Filed by USX Corporation
Pursuant to Rule 425 under the Securities Act of 1933
And deemed filed pursuant to Rule 14a-12
Of the Securities Exchange Act of 1934
Subject Company: USX Corporation
Commission File No. 1-5153
[Slide 1] - United States Steel - Raw Materials and Diversified Businesses -
Charles C. Gedeon
[Slide 2] - Raw Materials - Iron Ore, Coal, Coke
[Slide 3] - MINNTAC - Taconite Facility in Minnesota
[Slide 4] - MINNTAC - Open Pit Mine
[Slide 5] - MINNTAC - Impurities are removed
[Slide 6] - MINNTAC - Pellets are produced
[Slide 7] - MINNTAC - Impressive production record - 15 million tons of pellets
per year, 12 million tons to U. S. Steel
[Slide 8] - Coke Operations - Strategy - operate at capacity, supply U. S.
Steel, sell balance commercially, purchase raw materials on the spot market when
necessary
[Slide 9] - MINNTAC - Focus - quality, cost reduction
[Slide 10] - MINNTAC - Innovative Work Force - pictures of workers
[Slide 11] - MINNTAC - Response to Increased Energy Prices - 1.Find alternative
source of fuel (lower manufacturing costs); 2.Energy efficient ported kiln
(first used by a palletizing plant in North America)
[Slide 12] - MINNTAC - Response to Increased Energy Prices - 1.Burning of bio-
mass fuels; 2.Concentrator line improvements
[Slide 13] - MINNTAC - one of the lowest cost producers
[Slide 14] - MINNTAC - Plan - 1.Drive costs lower (provide blast furnaces with
low-cost, reliable source of iron; 2.Generate cash through commercial sales
[Slide 15] - U. S. Steel Mining Company - Annual production: 6 million tons of
low vol. Metallurgical coal
[Slide 16] - U. S. Steel Mining Company - 4 million tons mined at Pinnacle
[Slide 17] - U. S. Steel Mining Company - 2 million tons mined at Oak Grove
[Slide 18] - U. S. Steel Mining Company - Mining Problems - 1.Mining problems
have plagued both mines (erratic quantity and quality of coal)
[Slide 19] - U. S. Steel Mining Company - More Consistent Operations - 1.Change
in mining methods to more effectively match equipment to mine conditions
[Slide 20] - U. S. Steel Mining Company - Coal Production - 1.U. S. Steel plants
supplied with 18% or 1.8 million tons of our own coal
[Slide 21] - U. S. Steel Mining Company - Coal Production - 1.Remaining 200,000
tons for granular injection into Fairfield blast furnace
[Slide 22] - U. S. Steel Mining Company - Primary Strategy - EXIT Coal Business
[Slide 23] - Value-Added Steel Operations - Coke - Clairton and Gary
[Slide 24] - Value-Added Steel Operations - Clairton - 1.Largest by-product
coking operation in North America; 2.A model of environmental cleanliness
[Slide 25] - Value-Added Steel Operations - Clairton - 1.Strategically situated
on the Monongahela River; 2.Receives coal via river barges, directly to
batteries
[Slide 26] - Clairton Coke - 11 Batteries - 1.4.7 million tons of coke per year
(from 6.5 million tons of coal)
[Slide 27] - Clairton Coke - Commercial Customers - 1.80% shipped to commercial
customers (balance shipped internally to blast furnaces, consistent stream of
income since 1988)
[Slide 28] - Clairton Coke - Coal by-products - 1.Coke oven gas; 2.Coal tar;
3.Light oil; 4.Sulfur; 5.Ammonia
[Slide 29] - Clairton Coke - Coal by-products - 1.Coke oven gas (supplants
natural gas at Mon Valley Works, contributed to cash conservation as natural gas
prices soured this past winter)
[Slide 30] - Gary Coke - 1.Plant is approximately one-half size of Clairton
Works (2.0 million tons of coke per year, from 2.7 million tons of coal)
[Slide 31] - Gary Coke - 1.Supplies 100% of output to Gary Works blast furnaces;
2.Coal by-products sold commercially except coke oven gas
[Slide 32] - Coke Operations - Strategy - 1.Operate at capacity; 2.Supply U. S.
Steel; 3.Sell balance commercially; 4.May purchase coke while we actively sell
coke
[Slide 33] - Steel Operations
[Slide 34] - Steel Operations - Tubular, Tin, Plate
[Slide 35] - Tubular Products - Premier Performer - Lorain, McKeesport,
Fairfield
[Slide 36] - Tubular Products - Fairfield and Lorain - Seamless Pipe
[Slide 37] - Tubular Products - McKeesport Operation - ERW Products
[Slide 38] - Tubular Products - Rig Count - Bar chart showing rig count for 1Q
through 4Q 1997, 1Q through 4Q 1998, and 1Q through 2Q 1999
[Slide 39] - Tubular Products - Rig Count - Bar chart showing rig count for 1Q
through 4Q 1997, 1Q through 4Q 1998, 1Q through 4Q 1999, and 1Q through 4Q 2000
[Slide 40] - Tubular Products Group - Marketing Accomplishments - 1.Introduced
Arctic Grade X65 Seamless Pipe; 2.Increased participation in large diameter,
high-strength casing market; 3.Became leading supplier of high strength casing
in the California Lost Hills
[Slide 41] - Tubular Products Group - Reacquisition of Kobe - 1.Reacquired Kobe
Steel's 50% interest in the Lorain Tubular Facility; 2.U. S. Steel continues to
service an international client base as a full line supplier
[Slide 42] - Tubular Products Group - Continuous Improvement Program -
1.Expected to reduce costs by $30 million over next several years
[Slide 43] - Tubular Products Group - Continuous Improvement Program - 1.Plan to
install an in-line quench and temper facility at Lorain Large Diameter Mill;
2.Will reduce production cost while improving quality
[Slide 44] - Tin Products - Operations, Sales, Marketing lead to Tin - Fourth
Full Year as a Business Unit
[Slide 45] - Tin Products - 1.Improved each year on operating and financial
performance; 2.Commercial and operational problems simultaneously addressed
[Slide 46] - Tin Products - 1.Commercial (consistently reliable quality and
services, reversed deteriorating price trend); 2.Operational (Gary and Fairless
reduced non-prime shipments, constant attention to detail, operation
consistency)
[Slide 47] - Tin Products - Acquisition of LTV Tin Business - 1.Increased market
share from 18% to 25%; 2.Restructuring domestic industry through closure of
Aliquippa plant
[Slide 48] - Tin Products - East Chicago Facility - 1.Upgrading equipment and
practices; 2.Earn same respect as Gary and Fairless
[Slide 49] - Tin Products - 50% Partner with Pohang Iron & Steel - 1.San
Francisco Bay Area company provides West Coast market with tin products
[Slide 50] - Tin Products - USS Kosice
[Slide 51] - Tin Products - Collective Corporate Resources - 1.Enough to serve
customer base (consolidating, becoming increasingly global)
[Slide 52] - Plate Products
[Slide 53] - Plate Products - Strategy since 1994 - 1.Market value-added plates
to end-users
[Slide 54] - Plate Products - Imports - 1.1998 imports made inroads into
domestic plate markets (rapidly eroding prices)
[Slide 55] - Plate Products - 1988 Imports in the Domestic Plate Market in Tons
Imports - 2.1
Market - 5.6
[Slide 56] - Plate Products - NUCOR and IPSCO - 1.NUCOR and IPSCO (2.5 tons per
year new plate mill capacity)
[Slide 57] - Plate Products - U. S. Steel Response - 1.Realigned total plate
shipments; 2.Concentrate on customers of value-added products; 3.Cost-reduction
program (bottom line P&L, cash benefits of $17 million over 3 years)
[Slide 58] - Plate Products - Mini Mill Capabilities vs. U. S. Steel -
Dimensional Capability is 74% of U. S. Steel shipments
[Slide 59] - Plate Products - Mini Mill Capabilities vs. U. S. Steel - Limited
mini-mill chemistries (heat treat) reduces potential to 53% of U. S. Steel
shipments
[Slide 60] - Plate Products - Mini Mill Capabilities vs. U. S. Steel - U. S.
Steel's ability to produce non-pattern sizes and chemistry specific plates
reduces potential to 25% of U. S. Steel shipments
[Slide 61] - USX Engineers & Consultants, Inc. - 1.Wholly owned subsidiary of
USS LLC; 2.Markets steelmaking and processing technologies developed and
utilized within our steel operations
[Slide 62] - UEC - Applied Technologies - 1.Customer base industries (chemical,
power, oil, mining)
[Slide 63] - UEC - Four Major Business Units - 1.Technical services;
2.Information technology; 3.Laboratory services; 4.Met-Chem group in Canada
(International engineering company - mining, metallurgical, mineral processing)
[Slide 64] - UEC - A Technology Company - 1.Has broad base of technology
(developed both internally and externally)
[Slide 65] - USX Realty/Resource Management
[Slide 66] - USX Realty/Resource Management - 1.Generates impressive profit from
operations; 2.Reliable source for strong positive cash flow
[Slide 67] - USX Realty - 1.Development and sale or lease of land; 2.Manages
retail and office space, business and industrial parks, and residential and
recreational properties; 3.Remediation of old industrial sites into usable space
(subsequently leased or sold)
[Slide 68] - USX Resource Management - Administers mineral and timber lands -
responsible for lease or sale of lands and associated resources in 13 states
(270,000 acres of surface rights, 1,500,000 acres of mineral rights)
[Slide 69] - United States Steel - Raw Materials and Diversified Businesses -
Charles C. Gedeon